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Inst 2007334384
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Inst 2007334384
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Last modified
5/13/2010 12:39:50 PM
Creation date
10/15/2007 3:10:57 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
10/9/2007
Recorded Document Type
Regulatory Agreement
Retention
PERM
Document Relationships
Agmt 2007 Estabrook Senior Housing LP etc
(Reference)
Path:
\City Clerk\City Council\Agreements\2007
Inst 2009067181
(Amended by)
Path:
\City Clerk\City Council\Recorded Documents\2009
Inst 2009195594
(Amended by)
Path:
\City Clerk\City Council\Recorded Documents\2009
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"Qualifying Rent" means a monthly rent which does not exceed one-twelfth of <br />30% of 50% of AMI less a utility allowance and such other adjustments as required <br />pursuant to California Community Redevelopment Law (California Health and Safety <br />Code Section 33000 et seq.), HOME Program regulations under 24 CFR 92.252(b), and <br />the requirements applicable to the use of state and federal low-income housing tax <br />credits. For HOME-assisted units as described in Section 2.1 a below, annual rents <br />shall not exceed the "Low HOME Rent Limits" for the applicable unit size as published <br />annually by the U.S. Department of Housing and Urban Development (HUD). <br />"Restricted Unit" means a dwelling unit which is reserved for occupancy at a <br />Qualifying Rent by a Very Low-Income household in accordance with and as set forth in <br />Sections 2.1 and 2.2. <br />"Very Low-Income" means an annual gross household income that is less than <br />or equal to fifty percent (50%) of AMI. <br />2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for <br />itself and its successors and assigns, that the Property shall be used solely for the <br />construction and operation of a 51-unit senior rental housing development in <br />compliance with the OPA, the development approvals granted by the City of San <br />Leandro, and the requirements set forth herein. Owner represents and warrants that it <br />has not entered into any agreement that would restrict or compromise its ability to comply <br />with the occupancy and affordability restrictions set forth in this Agreement, and Owner <br />covenants that it shall not enter into any agreement that is inconsistent with such <br />restrictions without the express written consent of Agency and City. Notwithstanding <br />the foregoing or anything to the contrary contained herein, if the terms of financing for <br />the Project require greater affordability restrictions than those imposed hereby, the <br />requirements of such other financing shall prevail for the term thereof. <br />2.1 a HOME Restrictions. For a term of fifty-five (55) years commencing upon <br />the date of City's issuance of a final certificate of occupancy for the Project, the Project <br />shall include eleven (11) floating residential units for very low income households as <br />defined by and in accordance with and regulated by 24 CFR Part 92 (the "HOME <br />Assisted Units"). Any residential unit in the Project may be substituted for another <br />residential unit in the Project designated as a HOME Assisted Unit in order to maintain <br />compliance with this Section. Owner shall comply with lease terms for HOME Assisted <br />Units as governed by 24 CFR Part 92.253, and with all other applicable federal HOME <br />requirements set forth in 24 CFR Part 92.350-358. Rents for HOME Assisted Units <br />shall not exceed the Low Home Rent Limits published annually by HUD. Units that <br />qualify as HOME Assisted Units shall count toward satisfaction of the number of Rent- <br />Restricted Units required pursuant to Section 2.2. <br />2.1 Senior Housing. For a term of fifty-five (55) years commencing upon the <br />date of issuance of a final certificate of occupancy for the Project fifty (50) of the <br />dwelling units in the Project shall be restricted for occupancy by households in which at <br />least one member is a person 62 years of age or older. Residency by other persons in <br />956619-4 Q <br />
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